US Economy Adds More Jobs than Expected; Oil Prices Increase on Chinese Demand
Published December 8, 2017
Data on US Non-Farm Payrolls showed that the US economy created 228,000 jobs in November versus an expected 200,000; US unemployment rates held steady at 4.1%, meeting economists’ expectations.
The US dollar, however, remains mixed as average hourly earnings came in 0.2% versus expectations of 0.3%; the Federal Reserve remains increasingly focused on growth of this metric for a measure of increasing inflation in the US economy.
US President Donald Trump and Democrat representatives avoided a government shutdown after Congress agreed on a bill to extend federal funding for government spending until December 22.
Oil prices continue to rise this morning after increasing demand from China partially offset concerns of growing production in the US; data showed that China’s crude oil imports were near record highs in November while US statistics revealed that domestic production grew to another weekly record.
The Great British Pound is stronger this morning after European Commission President Jean-Claude Juncker noted “sufficient progress” in the first phase of Brexit talks; the British government brokered a deal with the Northern Irish Democratic Unionist Party on an ongoing border issue.
The euro remains mixed as news on Brexit and conflicting economic data releases continue to influence the multinational currency. Recent data showed Germany’s trade surplus shrank while French Industrial Production grew month-on-month.